Vista Equity Partners may have lost its bid for eFront, but the tech-focused buyout shop has won AltaReturn, two sources said.
Robert Smith’s private equity firm is buying AltaReturn for around $500 million, the people said. The deal was signed last week, one of the sources said.
Buyouts reported on July 19 that Vista Equity was interested in AltaReturn. Deutsche Bank advised on the process, the story said.
AltaReturn, of Miami, provides software for the alternative investment industry. Clients include private equity, venture capital, real estate, fund-of-funds and family offices. Founded in 2008, the AltaReturn platform offers fund and corporate accounting, portfolio monitoring, investor portals as well as other services. More than $500 billion in assets is managed using the platform.
The AltaReturn sale comes just months since eFront went for a huge price. Like AltaReturn, eFront supplies software to PE firms and limited partners. It sold for $1.5 billion to BlackRock, Buyouts reported. Vista had bid for Alta but lost to BlackRock, the story said. (AltaReturn is considered a smaller eFront but with newer, SaaS-based software.)
Vista also owns another solutions provider in the alternative investment sector, the person said. Vista announced its buy of Black Mountain Systems in May. Stone Point Capital was the seller. Black Mountain develops data and process management software for asset managers and financial institutions including banks, hedge funds, private equity and investment managers. Customers include Bain Capital, Barings, Carlyle Group and KKR, the firm’s website shows.
Executives for Vista and Deutsche Bank declined comment. AltaReturn could not be reached for comment.
Action Item: For more information, email Custodio Toledo, an AltaReturn managing partner, here